The Internet greatly facilitates the opening of fast credit because borrowers now have all the online banking offers in real time. However, the urgency of the request should not encourage you to sign too quickly and you must take the time to study the details of the proposal.
Here are our tips for getting your personal loan quickly while avoiding the pitfalls.
The different market players
The various financial players present on the Internet that will allow you to obtain rapid financing online are:
- Network banks that highlight their consumer credit services (BNP, Société Générale, Banque Populaire)
- Specialized organizations (Cetelem, Sofinco, Cofidis)
- Brokers and comparators.
We advise you to first go to the sites of the lending organizations in order to check the rate conditions yourself.
This will further allow you to download loan terms and conditions and simulate different scenarios over different durations. The simulation tools offered by the banks are very easy to use and will allow you to quickly calculate the future monthly payment and the overall cost of credit .
Brokers will then be able to allow you to compare bank offers more widely and you will be able to benefit from their expertise. Be careful, however, to check the amount of commissions charged by these intermediaries . Give preference to free national brokers who will allow you to benefit from their trading volume and will not ask you for any remuneration.
The different bank offers
The choice of the type of personal loan depends on your financial situation (repayment capacity, level of income, remaining to live) and the desired amount . The solution will be different depending on whether you are looking for a small loan over a period of less than one year or whether your request is for an amount of several tens of thousands of euros (to finance major work in the main residence , for example).
The danger of revolving credit
This is the flagship offer of online credit agencies. Decried by consumer associations and currently in the line of sight of the government, revolving credit makes it possible to obtain quick credit but presents many dangers.
The fact that the reserve of money can be replenished as repayments are made constitutes a real danger for households in difficulty because it encourages them to constantly dip into their reserve , an incentive that is all the greater since the lending organization will offer probably a credit card associated with the loan.
Finally, be careful about the choice of duration because the rates are particularly high. Count on average 12% (1) for a personal loan over 12 months and 19% (1) over 24 months.
What are the deadlines for transferring funds?
When seeking fast credit, one expects to receive the funds within 24 hours. But do not have any illusions, the online subscription process is certainly shortened but it does not allow an immediate release of funds , if only because the legislation requires the bank to respect a fairly strict formalism.
The application form
First, you have to complete a comprehensive online questionnaire, which only takes a few minutes. The answers will allow the bank to check your repayment capacity but also to analyze different criteria such as:
- The professional situation : seniority, nature of the employment contract, number of jobs held since the start of working life.
- The family situation : analysis of the “remainder to live”.
- The financial situation : current expenses and income.
After validating the form, you will receive a confirmation by email that your request has been registered. The bank then transmits the information to the risk analysis services and provides you with the access codes which will allow you to connect to your file via a secure space. You can follow the progress of your request online.
How many days before the release of funds?
Once the request has been made, allow 24 to 48 hours to obtain a response in principle. If agreed, you will receive the offer by mail. It will then suffice to return it, initialed and signed. However, the release cannot take place before the 8th day following acceptance of the offer.
Important : in the event of withdrawal after the funds have been disbursed (between the 8th and 14th day), you must immediately repay the capital borrowed plus interest over the period.
In the best case, it will take a dozen days between the day of the online request and the transfer of funds .
Know the legal framework
In France, credit is subject to strict regulations and the State requires banks to comply with a formalism that protects the borrower. You still need to know your rights. If you need to take out a fast loan on the Internet, two elements deserve your attention in particular:
- The concept of APR
- The withdrawal period .
The Global Effective Annual Rate
This is the most reliable indicator when it comes to comparing consumer loan offers online . Indeed, the APR takes into account all the costs that impact the cost of credit : nominal rate, administrative costs and possibly insurance contributions.
The withdrawal period of 14 days
Since the Law of July 1, 2010, the withdrawal period is 14 calendar days, ie including all days of the week, including public holidays. It begins to run from the date of signature of the offer
- Article of the Consumer Code on the TEG
- Law No. 2010-737 of July 1, 2010 reforming consumer credit
- Article L311-12 on the 14-day withdrawal period